397 thoughts on “The Canada United States FATCA Intergovernmental Agreement”
Animal: In fact……..you rule! Sorry for the gold problem of earlier. I said a couple things which I didn’t mean. We are now ALL the enemy of the USA, they have alienated all 5 million of us in Canada (1 million US Persons and say 4 million on the close periphery) and we all need to drop everything and forget every other issue and unite against that TRAITOR Harper and do what we can to spread the word of his betrayal to at least 10 other unrelated Canadians so as to make sure there is not a single PC member elected in the next election. We must devote our lives to destroying those who have just destroyed Canada and try to restore it best as we can. I would like to see all 5 or so million of us take huge amounts of cash and do the best we can to mount the biggest campaign those assholes in Ottawa have ever seen.
Here is my thinking now on this and I hope others can now see this:
“…. the IGA is all about reporting requirements for banks, not individuals. Just because a bank is exempted from reporting on certain accounts, doesn’t mean that the U.S. Person who owns the account is exempt from filing FBARs on it. Anyone who thinks that the “exemption” for RRSPs and TFSAs is a great thing should reconsider. It is just in there to create an illusion that the Americans made a generous concession.”
“Canadian financial institutions already report all information about your registered accounts directly to the CRA, and the CRA could pass that info on to the IRS tomorrow, if the CRA had a valid request from the IRS.”
I think he’s right, anything less than getting rid of US citizenship is just camouflage.
I’m trying to convey the importance of renouncing her citizenship to my wife…who now seems to be on board now that the IGA has been all but ratified. We need to financially find the means to start the ball rolling on her Canadian citizenship which we had put off for financial difficulties. But it’s become a fulcrum point now. We have no choice in the matter, no matter how hard of a situation it is, we just have to do it. She renounce her citizenship once she has the little book with a maple leaf and that hopefully will free us of the yoke. I don’t know what the reporting situation will be. Do we stick our necks up and enter the quiet disclosure and the bear’s cage of the IRS or do we say, screw it…renounce and then tell them. “FUCK YOU… come get me?”
I don’t know…but all I know is that she needs the protection of a Canadian citizenship. We’re going to be eating a ton of money to try to get this mess straightened out and frankly it scares the living shit out of me.
I need a 300mm f/2.8 VRII to round out my wildlife photography gear, but I need my wife more than a camera lens and my kids need a mother.
Chears…no hard feelings here, *extends hand to shake hands*. “We must devote our lives to destroying those who have just destroyed Canada and try to restore it best as we can. I would like to see all 5 or so million of us take huge amounts of cash and do the best we can to mount the biggest campaign those assholes in Ottawa have ever seen.”
You’re right, brother. Amen to that. I’ve been so pissed off at the Canadian government from the time I saw the article indicating that an IGA had been agreed upon, that I couldn’t see straight. Enraged and betrayed would probably be the two words that best describe what I’m feeling right now. And considering that I’m a full-blooded Canadian-born Canadian – that pretty much says something. I guess I’m too close to the situation to see it other than as a betrayal of the woman who committed herself to “loving me; forsaking her country for love” and moving up and committing herself to the work force in Canada working to support her family and then getting sold down the river by these “traitors” in the Canadian Government who would sell our country down the river.
Here is a country that begins with C that could still stand up to American bullying…
China has repeatedly refused to discuss the FATCA directly, and will likely continue to do so for the time being.
There are wheels running in my head right now and I’m thinking of the fact that with one stroke of the pen Mr. Flaherty and Ms. Kerry-Lynne D. Findlay ((She lives in the riding next to ours – Surrey North), MP for Delta-East Richmond) has turned 3 million non US persons into US persons and they have turned around and sold out CANADIANS…just because we have a connection to a US person. And I hope that this is the linchpin that we should hit upon so that we can raise up the anger of the Canadian populace and drive that traitorous lot out of office. I intend to write a letter to Ms. Kerry-Lynne D. Findlay telling her that I am disgusted with the fact that the IGA was even signed and that I will do everything possible to see that anybody involved with the negotiation and signing of the IGA will not ever get a second term in office.
The Animal ends with:
“…I will do everything possible to see that anybody involved with the negotiation and signing of the IGA will not ever get a second term in office.”
My letter, which will make the same clear statement, goes to my Tory MP today. I will vote strategic— liberal, NDP, Green, I don’t care–whoever has the best chance of defeating my MP and the Tory party.
Shortened version of letter sent to Minister of Finance yesterday, with copies to NDP, Liberal and Green Leadership and selected MPs
Dear Minister Flaherty,
Today, your government made history. It signed an agreement with a foreign state that systematically discriminates against an entire class of Canadian citizens, based upon their place of birth. It did so due to coercive threats, and with no clear benefit for Canada.
Today, I’m ashamed for Canada. Our government agreed to institutionalize discrimination against Canadian citizens of U.S. birth because the U.S. demanded it. Capitulation in this matter is a collapse of sovereignty.
The implications are far-reaching: for the first time in Canada’s history, our government decreed that hundreds of thousands of Canadian citizens be singled out for harmful discriminatory treatment in their lawful Canadian banking and financial matters because of their national origin.
Your government aspires to wrap this collapse of integrity within the legal fabric of the existing Canada-US tax Treaty. I doubt the original drafters of the Treaty envisioned its being twisted to compromise the privacy and financial integrity of untold thousands of lawful and local Canadian financial accounts, belonging to Canadian citizens, containing assets earned in Canada.
Under this agreement, Canadians defined as so-called “U.S. Persons” have significantly diminished rights: they are essentially 2nd class citizens in their own country. The concept that certain Canadians are “U.S. persons” has no legal precedent in Canada; it is a remote and unusual claim based upon the definitions and demands of a foreign state. Those discriminated against include many long-term Canadian citizens with no U.S. economic nexus and Canadians born in the U.S. through happenstance or medical necessity.
Discrimination based upon national origin is unlawful in Canada. Yet now your government proposes to institutionalize discrimination against Canadians of U.S. origin – and all Canadian taxpayers bear the cost.
Canada’s hundreds of thousands of so-called “U.S. persons” are a significant constituency – this directly harms more than 3% of Canada’s population. Your government seems to regard these Canadians as disposable collateral in appeasement of U.S. demands. In acceding to these demands, the Harper government has violated its mandate to represent the sovereign interests of all Canadian citizens, regardless of their national origin.
@Wondering, Wonderful Letter! Great Job!
Treaty is a joke US plays on the world. The Demonicrits will need more seats to get the needed supermajority to pass the treaty. And if they got it, Rand Paul has been filibustering them.
@Wondering: Fabulous letter.
As you know, Minister Flaherty has still not replied to our Open Letter of November 25 asking a Simple Question: Do all Canadians have the same rights under Canada’s laws and our Charter of Rights and Freedoms.
Oh wait, he did answer with the signing of the IGA. The answer is “No.”
@All..this treaty is a SURRENDER treaty to the USA.
I just called the editor of my local newspaper , Mr. Brock. (no kidding) to congratulate him on having the 11×17 full page story of FATCA on his weekly edition in section C, yesterday. I prodded and pestered him for months on FATCA…Ironic that it was put out on the same day as the Surrender Treaty. I just called him to congratulate him.. He had no idea that the Surrender Treaty was agreed to yesterday. He has no idea about the tax havens in the USA. So, we have to realize that many Canadians just don’t know what FATCA is. and how it will affect them. I get CBC news headlines on line and today there was nothing on it about FATCA. So there is a upward battle but we must do it. Remember 1812, we won.
What do they care about us? They are in power, for now. They did what they wanted, This is not good for Canadians neither for Canada. The Harper government betrayed Canadians and they will do it again with more Canadians.
Is there a way to sue Harper? and put him in jail for betraying Canada and for being accomplice of the crimes with the U.S (for the wars and many things)?
@Animal and @Cheers Big Ears Thank you for the entertainment, I had a hard time pulling the plug on my computer last night. Nothing better than a no holds barred debate were political correctness goes out the window. We are an Anti-Facta family and all families have moments of dysfunction.
@Wondering Thank you for this effort.
@All please note this agreement was announced in the final minutes of question period, in a week when all eyes would be directed at Sochi. I agree with others throw Canadian Citizens with US indicia under the bus in return for Keystone Pipeline approval.
I am going backwards as I just went over this excellent, wonderful post and comments.
@8:06 am Wondering… awesome letter. I will send Flaherty a similar one.
@Just Me – “China has refused to discuss FATCA”…true…and perhaps Robert Morris’ excellent video on FATCA is prophetic.
@1:40 am Cerium398 – I will check out the CSB loophole.
@11:39 Animal – I like your signs alot.
@11:16 Just Me – Bravo! to you I love your reply letter to the business analyst. Love how you ended it. “one of the is probably your neighbor, better report them….
..
@ 1030 pm Kermitzii…we are on the same page, Tornado and Dorothy and the dog…. the Immune shot analogy of a CLN.. perfect!.
@10:30 pm Petros…good suggestion
to put gold and other alternatives to put money on another post. include Cdn Bonds and foreign currency.
@10:22 Animal 3 pcs of silver. . the 30 percent is the equivalent to this. The Surrender Treaty is a betrayal for sure. also I admire your courage and your family history.. You know what is at stake here.
@10:09 Em. ” WE ARE ALL IN THE SAME BOAT and it doesn’t help when we take pot shots at each other. We have a lot of work ahead of us with this abomination of an IGA and we all have to all start moving in the same direction”.. Aye, AYE…EM, I’m on your boat.
@9:51pm – Pacifica777 – Thanks for your thanks.
@9:46 pm Foo. I agree and think this is a must to look at.
“RECIPROCITY – Canada should make sure that any enabling legislation contains a clause that it goes into effect AFTER the US PASSES “legislation to achieve such equivalent levels of reciprocal automatic information exchange.”
I am reading the posts and emails I got a little drunk last night… I have a sense of calm as if I have been given a doctor’s diagnosis…I have Americanglioblastma multiforme. Maybe it is not so fatal but a more benign one? Will I take it lying down..NOPE!!!! I am on the Isaac Brock Maple Sandbox ship…..with many other passengers who feel the same way. …
You mean like Bush and Cheney being jailed?
Concerning government owned institutions:
I have just written to the legal specialist at Épargne Placement Québec who last year sent me an email explaining that they were not subject to FATCA since they are part of the Québec Ministry of Finance. I have asked for them to reconfirm this in light of the IGA, which seems to exempt only the Bank of Canada. Although Épargne Placement Québec serves Quebec residents only, its status would seem to me to be the same as any provincial or federal ministry that has to maintain a database of bond owners. I sincerely hope I am misunderstanding the IGA document! It would be good to receive some reassurance that there is a safe haven in government debt.
For those of you who read French, here is my letter:
Bonjour.
Au mois d’avril de 2013, vous avez répondu à ma question concernant l’effet du FATCA sur Épargne Placement Québec. Hier les médias annonçaient un accord intergouvernemental entre le Canada et les États-Unis sur la conformité aux exigences du FATCA. Avant cet accord, le FATCA exemptait les institutions financières appartenant aux divers niveaux de gouvernement.
Or, l’accord semble exempter seulement la Banque du Canada:
Puisqu’il y a des dizaines de milliers de québécois citoyens canadiens résidents au Québec qui risquent de se retrouver classés sous la catégories farfelue de 《 US person 》et de trouver leurs informations financières envoyées à l’IRS, il est normal qu’ils cherchent un havre de sécurité. Je parle de personnes parfaitement en règle avec Revenu Québec et Revenu Canada, et j’en connais plusieurs personnellement.
Pour les institutions financières canadiennes la conformité au FATCA implique des coûts de dizaines de millions de dollars.
Puisque je comprends mal le langage juridique utilisé par le document en question, je vous serais très reconnaissant si vous pouviez me confirmer qu’Épargne Placement Québec reste exempté du FATCA.
Merci mille fois,
Roy Berg being interviewed right now on CBC radio Calgary RE.FATCA
@Animal, your wife should be able to relinquish upon taking Canadian citizenship and so avoid the $450. She just needs to let the consulate know she is doing that prior to her taking the oath and perhaps get the citizenship judge to sign a letter of her intentions at the ceremony if possible.
You should encourage her to apply soon for Canadian citizenship. The processing time stands now at 25 months and the Harper govt is tweaking the rules again today – something should hit the Internet by early afternoon on it – which is going to make the process longer for anyone not deemed “employable”.
Thanks, disgusted. Missed it.
The one thing that really made me wonder about the succer agreement to Canada. There was nothing in the agreement that states that the USA will pay ALL implementation costs endured by the banks if Fatca was recalled in the USA. Looks like we will succer the payment from ALL Canadians…. are our elected officials really this stupid?
CRA will be using the tax dollars of all Canadians to set up and continue to administer this FATCA reporting system for the benefit of the US government. It’s rather like living in an overrun country where you pay taxes to support the invading government. I’d like to know what this is supposed to cost.
CBC just said it’s Privacy and Security Awareness Day in BC. Hmm… happy Privacy and Security Awareness Day to all my dear Brockers, no matter where you are.
(Yes, of course I’m being sarcastic!)
My husband and I will celebrate by splitting our finances so that only MY personal financial information can be reported to a foreign country that I haven’t lived in in over 25 years.
Insert rolley-eyed emoticon here.
Re: NativeCanadian says
**are our elected officials really this stupid?**
Yes they are. The cost will be new bank fees & if u invest as… *administrative costs* They lose nothing cause they don’t see the whole picture. My question is… how will they keep the private info secure. Someone emailed me a quick news item.. IRS has identity theft issues… their suggestion… do your taxes quick so u will get your refund so less likely stolen… huh???
My sadness is deep, and with that, the fact the fight will continue until we see our right upheld.
I did not see this until now, normally I would have checked the status yesterday, but was at a Bible Study class instead yesterday evening. Perhaps that is where I can find some peace and comfort, since both my birthplace, and my CHOSEN COUNTRY , have abandoned me. ;(
Animal: In fact……..you rule! Sorry for the gold problem of earlier. I said a couple things which I didn’t mean. We are now ALL the enemy of the USA, they have alienated all 5 million of us in Canada (1 million US Persons and say 4 million on the close periphery) and we all need to drop everything and forget every other issue and unite against that TRAITOR Harper and do what we can to spread the word of his betrayal to at least 10 other unrelated Canadians so as to make sure there is not a single PC member elected in the next election. We must devote our lives to destroying those who have just destroyed Canada and try to restore it best as we can. I would like to see all 5 or so million of us take huge amounts of cash and do the best we can to mount the biggest campaign those assholes in Ottawa have ever seen.
Here is my thinking now on this and I hope others can now see this:
http://www.secretsofthefed.com/wp-content/uploads/2013/01/Screen-shot-2013-01-23-at-11.27.42-PM.png
John Berkey wrote:
“…. the IGA is all about reporting requirements for banks, not individuals. Just because a bank is exempted from reporting on certain accounts, doesn’t mean that the U.S. Person who owns the account is exempt from filing FBARs on it. Anyone who thinks that the “exemption” for RRSPs and TFSAs is a great thing should reconsider. It is just in there to create an illusion that the Americans made a generous concession.”
“Canadian financial institutions already report all information about your registered accounts directly to the CRA, and the CRA could pass that info on to the IRS tomorrow, if the CRA had a valid request from the IRS.”
I think he’s right, anything less than getting rid of US citizenship is just camouflage.
I’m trying to convey the importance of renouncing her citizenship to my wife…who now seems to be on board now that the IGA has been all but ratified. We need to financially find the means to start the ball rolling on her Canadian citizenship which we had put off for financial difficulties. But it’s become a fulcrum point now. We have no choice in the matter, no matter how hard of a situation it is, we just have to do it. She renounce her citizenship once she has the little book with a maple leaf and that hopefully will free us of the yoke. I don’t know what the reporting situation will be. Do we stick our necks up and enter the quiet disclosure and the bear’s cage of the IRS or do we say, screw it…renounce and then tell them. “FUCK YOU… come get me?”
I don’t know…but all I know is that she needs the protection of a Canadian citizenship. We’re going to be eating a ton of money to try to get this mess straightened out and frankly it scares the living shit out of me.
I need a 300mm f/2.8 VRII to round out my wildlife photography gear, but I need my wife more than a camera lens and my kids need a mother.
Chears…no hard feelings here, *extends hand to shake hands*. “We must devote our lives to destroying those who have just destroyed Canada and try to restore it best as we can. I would like to see all 5 or so million of us take huge amounts of cash and do the best we can to mount the biggest campaign those assholes in Ottawa have ever seen.”
You’re right, brother. Amen to that. I’ve been so pissed off at the Canadian government from the time I saw the article indicating that an IGA had been agreed upon, that I couldn’t see straight. Enraged and betrayed would probably be the two words that best describe what I’m feeling right now. And considering that I’m a full-blooded Canadian-born Canadian – that pretty much says something. I guess I’m too close to the situation to see it other than as a betrayal of the woman who committed herself to “loving me; forsaking her country for love” and moving up and committing herself to the work force in Canada working to support her family and then getting sold down the river by these “traitors” in the Canadian Government who would sell our country down the river.
Here is a country that begins with C that could still stand up to American bullying…
http://bit.ly/1kYvno5
There are wheels running in my head right now and I’m thinking of the fact that with one stroke of the pen Mr. Flaherty and Ms. Kerry-Lynne D. Findlay ((She lives in the riding next to ours – Surrey North), MP for Delta-East Richmond) has turned 3 million non US persons into US persons and they have turned around and sold out CANADIANS…just because we have a connection to a US person. And I hope that this is the linchpin that we should hit upon so that we can raise up the anger of the Canadian populace and drive that traitorous lot out of office. I intend to write a letter to Ms. Kerry-Lynne D. Findlay telling her that I am disgusted with the fact that the IGA was even signed and that I will do everything possible to see that anybody involved with the negotiation and signing of the IGA will not ever get a second term in office.
The Animal ends with:
“…I will do everything possible to see that anybody involved with the negotiation and signing of the IGA will not ever get a second term in office.”
My letter, which will make the same clear statement, goes to my Tory MP today. I will vote strategic— liberal, NDP, Green, I don’t care–whoever has the best chance of defeating my MP and the Tory party.
Shortened version of letter sent to Minister of Finance yesterday, with copies to NDP, Liberal and Green Leadership and selected MPs
Dear Minister Flaherty,
Today, your government made history. It signed an agreement with a foreign state that systematically discriminates against an entire class of Canadian citizens, based upon their place of birth. It did so due to coercive threats, and with no clear benefit for Canada.
Today, I’m ashamed for Canada. Our government agreed to institutionalize discrimination against Canadian citizens of U.S. birth because the U.S. demanded it. Capitulation in this matter is a collapse of sovereignty.
The implications are far-reaching: for the first time in Canada’s history, our government decreed that hundreds of thousands of Canadian citizens be singled out for harmful discriminatory treatment in their lawful Canadian banking and financial matters because of their national origin.
Your government aspires to wrap this collapse of integrity within the legal fabric of the existing Canada-US tax Treaty. I doubt the original drafters of the Treaty envisioned its being twisted to compromise the privacy and financial integrity of untold thousands of lawful and local Canadian financial accounts, belonging to Canadian citizens, containing assets earned in Canada.
Under this agreement, Canadians defined as so-called “U.S. Persons” have significantly diminished rights: they are essentially 2nd class citizens in their own country. The concept that certain Canadians are “U.S. persons” has no legal precedent in Canada; it is a remote and unusual claim based upon the definitions and demands of a foreign state. Those discriminated against include many long-term Canadian citizens with no U.S. economic nexus and Canadians born in the U.S. through happenstance or medical necessity.
Discrimination based upon national origin is unlawful in Canada. Yet now your government proposes to institutionalize discrimination against Canadians of U.S. origin – and all Canadian taxpayers bear the cost.
Canada’s hundreds of thousands of so-called “U.S. persons” are a significant constituency – this directly harms more than 3% of Canada’s population. Your government seems to regard these Canadians as disposable collateral in appeasement of U.S. demands. In acceding to these demands, the Harper government has violated its mandate to represent the sovereign interests of all Canadian citizens, regardless of their national origin.
@Wondering, Wonderful Letter! Great Job!
Treaty is a joke US plays on the world. The Demonicrits will need more seats to get the needed supermajority to pass the treaty. And if they got it, Rand Paul has been filibustering them.
@Wondering: Fabulous letter.
As you know, Minister Flaherty has still not replied to our Open Letter of November 25 asking a Simple Question: Do all Canadians have the same rights under Canada’s laws and our Charter of Rights and Freedoms.
Oh wait, he did answer with the signing of the IGA. The answer is “No.”
@All..this treaty is a SURRENDER treaty to the USA.
I just called the editor of my local newspaper , Mr. Brock. (no kidding) to congratulate him on having the 11×17 full page story of FATCA on his weekly edition in section C, yesterday. I prodded and pestered him for months on FATCA…Ironic that it was put out on the same day as the Surrender Treaty. I just called him to congratulate him.. He had no idea that the Surrender Treaty was agreed to yesterday. He has no idea about the tax havens in the USA. So, we have to realize that many Canadians just don’t know what FATCA is. and how it will affect them. I get CBC news headlines on line and today there was nothing on it about FATCA. So there is a upward battle but we must do it. Remember 1812, we won.
What do they care about us? They are in power, for now. They did what they wanted, This is not good for Canadians neither for Canada. The Harper government betrayed Canadians and they will do it again with more Canadians.
Is there a way to sue Harper? and put him in jail for betraying Canada and for being accomplice of the crimes with the U.S (for the wars and many things)?
@Animal and @Cheers Big Ears Thank you for the entertainment, I had a hard time pulling the plug on my computer last night. Nothing better than a no holds barred debate were political correctness goes out the window. We are an Anti-Facta family and all families have moments of dysfunction.
@Wondering Thank you for this effort.
@All please note this agreement was announced in the final minutes of question period, in a week when all eyes would be directed at Sochi. I agree with others throw Canadian Citizens with US indicia under the bus in return for Keystone Pipeline approval.
I am going backwards as I just went over this excellent, wonderful post and comments.
@8:06 am Wondering… awesome letter. I will send Flaherty a similar one.
@Just Me – “China has refused to discuss FATCA”…true…and perhaps Robert Morris’ excellent video on FATCA is prophetic.
@1:40 am Cerium398 – I will check out the CSB loophole.
@11:39 Animal – I like your signs alot.
@11:16 Just Me – Bravo! to you I love your reply letter to the business analyst. Love how you ended it. “one of the is probably your neighbor, better report them….
..
@ 1030 pm Kermitzii…we are on the same page, Tornado and Dorothy and the dog…. the Immune shot analogy of a CLN.. perfect!.
@10:30 pm Petros…good suggestion
to put gold and other alternatives to put money on another post. include Cdn Bonds and foreign currency.
@10:22 Animal 3 pcs of silver. . the 30 percent is the equivalent to this. The Surrender Treaty is a betrayal for sure. also I admire your courage and your family history.. You know what is at stake here.
@10:09 Em. ” WE ARE ALL IN THE SAME BOAT and it doesn’t help when we take pot shots at each other. We have a lot of work ahead of us with this abomination of an IGA and we all have to all start moving in the same direction”.. Aye, AYE…EM, I’m on your boat.
@9:51pm – Pacifica777 – Thanks for your thanks.
@9:46 pm Foo. I agree and think this is a must to look at.
“RECIPROCITY – Canada should make sure that any enabling legislation contains a clause that it goes into effect AFTER the US PASSES “legislation to achieve such equivalent levels of reciprocal automatic information exchange.”
I am reading the posts and emails I got a little drunk last night… I have a sense of calm as if I have been given a doctor’s diagnosis…I have Americanglioblastma multiforme. Maybe it is not so fatal but a more benign one? Will I take it lying down..NOPE!!!! I am on the Isaac Brock Maple Sandbox ship…..with many other passengers who feel the same way. …
You mean like Bush and Cheney being jailed?
Concerning government owned institutions:
I have just written to the legal specialist at Épargne Placement Québec who last year sent me an email explaining that they were not subject to FATCA since they are part of the Québec Ministry of Finance. I have asked for them to reconfirm this in light of the IGA, which seems to exempt only the Bank of Canada. Although Épargne Placement Québec serves Quebec residents only, its status would seem to me to be the same as any provincial or federal ministry that has to maintain a database of bond owners. I sincerely hope I am misunderstanding the IGA document! It would be good to receive some reassurance that there is a safe haven in government debt.
For those of you who read French, here is my letter:
Bonjour.
Au mois d’avril de 2013, vous avez répondu à ma question concernant l’effet du FATCA sur Épargne Placement Québec. Hier les médias annonçaient un accord intergouvernemental entre le Canada et les États-Unis sur la conformité aux exigences du FATCA. Avant cet accord, le FATCA exemptait les institutions financières appartenant aux divers niveaux de gouvernement.
Or, l’accord semble exempter seulement la Banque du Canada:
http://www.fin.gc.ca/treaties-conventions/pdf/FATCA-eng.pdf
Puisqu’il y a des dizaines de milliers de québécois citoyens canadiens résidents au Québec qui risquent de se retrouver classés sous la catégories farfelue de 《 US person 》et de trouver leurs informations financières envoyées à l’IRS, il est normal qu’ils cherchent un havre de sécurité. Je parle de personnes parfaitement en règle avec Revenu Québec et Revenu Canada, et j’en connais plusieurs personnellement.
Pour les institutions financières canadiennes la conformité au FATCA implique des coûts de dizaines de millions de dollars.
Puisque je comprends mal le langage juridique utilisé par le document en question, je vous serais très reconnaissant si vous pouviez me confirmer qu’Épargne Placement Québec reste exempté du FATCA.
Merci mille fois,
Roy Berg being interviewed right now on CBC radio Calgary RE.FATCA
@Animal, your wife should be able to relinquish upon taking Canadian citizenship and so avoid the $450. She just needs to let the consulate know she is doing that prior to her taking the oath and perhaps get the citizenship judge to sign a letter of her intentions at the ceremony if possible.
You should encourage her to apply soon for Canadian citizenship. The processing time stands now at 25 months and the Harper govt is tweaking the rules again today – something should hit the Internet by early afternoon on it – which is going to make the process longer for anyone not deemed “employable”.
Thanks, disgusted. Missed it.
The one thing that really made me wonder about the succer agreement to Canada. There was nothing in the agreement that states that the USA will pay ALL implementation costs endured by the banks if Fatca was recalled in the USA. Looks like we will succer the payment from ALL Canadians…. are our elected officials really this stupid?
CRA will be using the tax dollars of all Canadians to set up and continue to administer this FATCA reporting system for the benefit of the US government. It’s rather like living in an overrun country where you pay taxes to support the invading government. I’d like to know what this is supposed to cost.
CBC just said it’s Privacy and Security Awareness Day in BC. Hmm… happy Privacy and Security Awareness Day to all my dear Brockers, no matter where you are.
(Yes, of course I’m being sarcastic!)
My husband and I will celebrate by splitting our finances so that only MY personal financial information can be reported to a foreign country that I haven’t lived in in over 25 years.
Insert rolley-eyed emoticon here.
Re: NativeCanadian says
**are our elected officials really this stupid?**
Yes they are. The cost will be new bank fees & if u invest as… *administrative costs* They lose nothing cause they don’t see the whole picture. My question is… how will they keep the private info secure. Someone emailed me a quick news item.. IRS has identity theft issues… their suggestion… do your taxes quick so u will get your refund so less likely stolen… huh???
My sadness is deep, and with that, the fact the fight will continue until we see our right upheld.
I did not see this until now, normally I would have checked the status yesterday, but was at a Bible Study class instead yesterday evening. Perhaps that is where I can find some peace and comfort, since both my birthplace, and my CHOSEN COUNTRY , have abandoned me. ;(